Upexi, Inc.’s (UPXI) shares skyrocketed over 300% on Friday following an announcement that the company is investigating potential stock manipulation related to its recent 12-for-1 reverse stock split. The investigation centers around a significant increase in shareholder activity following the split announcement, raising concerns about potential market manipulation.
Results for: Stock Manipulation
Former GOP representative and current CEO of Trump Media & Technology Group, Devin Nunes, expressed concerns about unlawful and potentially illegal trading activity involving the company’s stock. According to Nunes, certain traders may be engaging in ‘naked short selling,’ a risky and potentially illegal practice involving the sale of stock before borrowing it. Nunes called on lawmakers to investigate and hold accountable those responsible for any illegal activities.